Pressure from development, investors and farmers exchanging for land outside the path of development has North Dakota cropland prices at an all time high after two years of double digit price growth.
With tenant-in-common investments becoming a hot commodity in the commercial and multifamily real estate markets, homework is key. Many 1031 investors rush to purchase within the IRS guidelines, while other investors not involved in a 1031 purchase TICs for the promised management. The problem? High fees and low returns can wipe out any tax savings. For non-1031 investors the extra costs associated with the tax deferral isn't offset by tax savings so there may be more profitable alternatives (such as REITs).
Investor's Business Daily has a piece on pitfalls to watch out for in tenant-in-common or TIC investing.
America First Apartment Investors, Inc. has sold the 15-building, 259-unit Orlando apartment complex, the St. Andrews at Westwood, for $33 million in a 1031 like kind exchange. America First is reportedly shielding a $20 million gain using the 1031 exchange, which may involve reinvesting in a more affordable market in the Southeast or Midwest.
Triple Net Properties completed the disposition of the $123 million Emerald Plaza tenant-in-common (TIC) transaction, the largest securitized TIC transaction on record. For comparison, the entire TIC marketplace in 2001 was approximately $167 million, or just 36% more than this single transaction.
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